News & Publications
July 11, 2023 |
Bullish, bearish or wait and see?
The USDA will release its July Supply and Demand report tomorrow, July 12. With corn and soybean markets on a roller coaster ride since early June, what the government publishes will be closely scrutinized. That is, before the market goes back to trading forecasted/actual weather.
On June 30, the USDA shocked the market by printing a corn acreage figure which exceeded the average trade estimate by 2.2 million acres (read: potentially more corn). The soybean number was 4.2 million BELOW the trade average (read: potentially very tight bean supplies).
Needless to say, the market‘s response to the report that day was rather dramatic with Dec Corn falling 33 ¾ cents, while Nov Bean futures rocketed 77 ½ higher! So, tomorrow’s response could be interesting and, potentially volatile as well.
